HomeMy WebLinkAbout2011 Ordinance No. 051BY AUTHORITY
ORDINANCE NO . 2f_
SERIES OF 201 I
COUNCn. BILL NO . 67
INTRODUCED IlY COUNCIL
MEMBER WILSON
AN ORDINANCE ADOPTING AMENDMENTS TO THE CITY Of ENGLEWOOD
FIREFIGtITERS PENSION PLAN DOCUMENT (THE PLAN).
WH EREAS , 1he Cily of Englewood (the "Employer") es tabli shed 1he City of Englewood
Firefighters Pension Plan (the "Plan") effective as amended a:id res1a1ed J1111uary I, l 999; nnd
WHEREAS, pursuant to Article Xlll of rhe Plan, the Employe r has the nuthority to amend the
Plan 10 comply with State or Federal requirements and maintain U,e qualified s1a1us of the Pltn;
lllld
WHEREAS , Internal Revenue Service (U{S ) or tho Colorado Stare S1a1u1es require an
amcndmenl for the plan lo comply with federal or sra;e requ iremenrs addit ional language at the end
of Article XV, Secli on 2.b oflhc Plan that an eligible retirement plan includes a Roth IRA needs to
be added ;
NOW , THEREFORE, BE IT ORDAINED BY THE CITY COUNCU. OF THE CITY OF
ENGLEWOOD, COLORADO , AS FOLLOWS:
~-The Ci1y Council of the City of Englewood , Colorado hereby adopts the following
language to be added 10 Article XV, Scc1ion 2.b of the City of Englewood Firelighters Pension
Plan effective January I, 2008, to read as follows :
Add to the end of Article XV, Section 2.b:
Effe>tivs Janunrv 1 2006 an elillible retirement olan shall a'so m.~
~h lRA dC§cribcd in Code Section 408Afh> subicc.uo,anv aoolicahl;
limi ts described in Code Sectrnn 408AW..
Scction·2. The Mayor and City Clerk arc authonzed 10 sign and at1es1 the Amendment tu theCiry
ofE11glcwood r-,rcfightcr s Pen sion Plan Documcnl.
9bv
lntro<luced , reud in full, and passed on first readmg on th e 19th day of Scptcmbr:r , 7.0 I I .
l'uhl is hcd by Title us a U1II for an Grdinnncc in 1hc City's official new spaper on the 23rd da y o f
Sc,pu:mhcr . 2011 .
Publi sheC as a Dill for a11 01dimmc c 011 th e City's officia l website bcgmni11g on the 2 lr.1 <la)' or
Scpte111ber , 201 I fo r th1n y (JU) days
l{c,1d by title :in d passed 011 f11ml rending <m the 3rd day flf October, 201 1.
Pnhli shed by tit le in the Cit y's offic ia l new sp:opcr as Ordinance No . '7/, Se ries of20 1 I, on
lhc 7th da y ofOctc,ber , 2011.
f'ublishcd by title on the City's offic ial website beginning on the 5th dny or Octobe r, 20 11 for
thi11y (30) days.
I, Louc ri shia A. l l1 1s, Ci ty Clerk ur 1hc Ci ty or Englcw rn,d, Colora do, hereby cc1tify 1hnt the
above and fo regoi ng is a true copy of the Ordinanc e passtd on nnal reading and publi shed by
title ns O rd in,111 cc No . '2/_, Sencs of2 0 i I. ~
1:::2 --_,.,~
COU NCIL COMMUNICATION
Date Ag•ndd lle,n Subject
Bill for and Ordinance adopting
Septemher 19, 2011 9 a iii an amendment to the City of
Englewood Firefighters Pension
Plan Document (:he Planl
Initiated Hy I Staff Suur~•
City of Englewocd, Finance and Admi11isIra1ive F1d11k Gry5lewicz. Directo,
Services Deoartme nt
COUNCIL GO AL AND PREVIOUS COUNCIL ACTION
The City Council p ,;sed Ordina"ce 46, Series of 1999, ,1dopting an amended C,ty of Englewood
Fi refighte rs Pension Plan document.
City Council discussed the proposed changes at the September 6, 2011 Study Session.
RECOMMENDCD ACT ION
Staff recommenc!s !he Cil)• Council approve rhe attached bill ;or an ordina_nce.
BACKGROUND, ANALYS IS, AND AllERNATIVES IDENTIFIED
This bill for an ordinance do~s not substan:iall1• change the current level of pension ben~fits fo r the
Fl refighte:s Pension Plan participan t,. Tile uill fo, d/1 c ,dir,ance makes changes 1equ ired by the Internal
Revenue Service (IR S) The Pl,1n d ncumem is amended 10 comply with federal or state requirements .
Add the following se ntence to the en d of Artide XV, Sect ion 2.b :
Effective lanuary 1, 2008, an eligible ret iremen t plan shall also mean a Roth IRA described
in Code Se ction -108A(b), subject 10 ai,1• appli cable limits desc ribed in C)de Se ction
408A(c).
FINANCIAL IMPACT
Thi s rha nge has no impact on th e Plan 's funrling or th e City's financial condition.
UST OF ATTACHMENTS
Propo~e d bill for an ordiaance .